Oil Futures Rise As Sources Say API Data Show Smaller-than-expected U.S. Crude-supply Climb

By Myra P. SaefongMarketsMarketWatch Pulse

Oil futures edged higher in electronic trading Tuesday after the American Petroleum Institute reported a 1.4 million-barrel climb in U.S. crude supplies for the week ended Sept. 9, according to sources. Analysts polled by S&P Global Platts forecast an increase of 3.3 million barrels. Supplies rebounded less than the market expected from the 12.1 million-barrel drop the API reported a week earlier. The closely watched Energy Information Administration report will be released Wednesday. October crude was at $45.28 a barrel in electronic trading, up from the contract’s settlement of $44.90 on the New York Mercantile Exchange.

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